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Directors Report of Garnet International Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting their Thirty Third Annual Report with Audited Accounts of the Company for the year ended 31'st March 2015.

FINANCIAL HIGHLIGHTS

Amount in Rs

Year ended Year ended Particulars 31St March 2015 31st March 2014

Total Income 21536794 6588610

Profit/(Loss) before 7186847 1137418 Depreciation and Tax

Less: Depreciation 891267 573297

Profit/(Loss) before Tax 6295580 564121

Less: Provision for Tax (900664) 308637

Net Profit /(Loss) after Tax 7196244 255484

DIVIDEND

Your directors are pleased to recommend a dividend of 5% i.e. Rs. 0.50 per Equity Share of Rs. 10/- each for the financial year ended 31st March, 2015 subject to approval of the shareholders at the ensuing Annual General Meeting

SHARE CAPITAL

The paid up equity share capital of the Company as on 31st March, 2015 was Rs.6,22,50,000/-.

Further, the company has not issued any shares with differential voting rights nor granted stock options nor sweat equity shares.

As on 31st March, 2015 Mr. Ramakant Gaggar Director of the Company acquired 35,364 shares of the Company and Mr. Suresh Gaggar Director of the Company acquired 2,30,100 shares of the company.

DEPOSITS

Your company has not accepted/invited deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014

SUBSIDIARY COMPANIES

The Company has One (1) subsidiary as on March 31, 2015. There are no associate companies within the meaning of Section 2(6) of the Companies Act, 2013 ("Act"). There has been no material change in the nature of the business of the subsidiary.

Pursuant to provisions of Section 129(3) of the Act, a statement containing salient features of the financial statement of the Subsidiary company in Form AOC-1 is attached to the a part of this Report as Annexure- 1

DIRECTORS

Your Company has 5 (Five) Directors consisting of 2 (Two) Independent Directors, and 3 (Three) Non Independent Directors, as on 31st March, 2015

Appointment/Resignations from the Board of Directors

There is no Appointment/Resignation of Board of Directors during the year

Independent and Non-Executive Directors

In terms of the definition of 'Independence' of Directors as prescribed under Clause 49 of the Listing Agreement entered with the Stock Exchanges and pursuant to Section 149(6) of the Companies Act, 2013 and based on the confirmation/disclosures received from the Directors, the following are the Independent Directors of the Company:

1. Mr. Dinesh Nandwana

2. Mr. Sharad Rathi

Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, a company shall have atleast one Woman Director on the Board of the Company. Your company has appointed Mrs. Manju Maheshwari as Director on the Board of the Company since 20th April, 2O15.

Chairman & Managing Director (CMD)

Mr. Suresh Gaggar is Managing Director of the Company Directors Retiring by Rotation

In terms of Section 152 of the Companies Act, 2013 Mr. Ramakant Gaggar being longest in office shall retire by retire at the ensuing AGM and being eligible for re-appointment, offers himself for re-appointment.

Appointment/Resignation of the Key Managerial Personnel

There was no resignation of Key Managerial Personnel during the year under review.

Number of Meetings of the Board

Regular meetings of the Board are held to discuss and decide on various business policies, strategies and other businesses. Due to business exigencies, certain business decision are taken by the Board through circulation from time to time.

The Board met 7 (Seven) times during the FY 2014-15 viz, 29th May, 2014, 9th June, 2014, 24th July, 2014, 5th November, 2014, 24th November, 2014, 27th January, 2015 and 20th March, 2015.

Detailed information on the meetings of the Board are included in the report on Corporate Governance, which forms part of this Annual Report.

COMMITTEES OF THE BOARD

Your company has several committees which have been established as a part of the best corporate governance practices and are in compliance with the requirements of the relevant provisions of laws and statutes applicable to the company.

The company has following Committees namely:

1. Audit Committee;

2. Stakeholder Grievance Committee;

3. Remuneration & Nomination Committee;

The details with respect to the composition, powers, roles, terms of reference, etc of the aforesaid committees are given in details in the "Report on Corporate Governance" of the Company which forms part of the Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, not applicable to the Company.

RISK MANAGEMENT POLICY

During the year under review, the company has adopted a Risk Management Policy wherein all material risk faced by the company are identified and assessed. The Risk Management framework defines the risk management approach of the Company and includes collectively identification of risks impacting the Company's business and document their process of identification, mitigation, optimization of such risks.

REMUNERATION POLICY

During the year under review, the Board has not paid Remuneration to Directors, Key Managerial Personnel, and Senior Management.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented as a separate section forming part of this Annual Report

VIGIL MECHANISM

The Company has not adopted a Whistle Blower Policy.

PERFORMANCE EVALUATION OF THE BOARD

In compliance with the provisions of Section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 and the Listing Agreement with the Stock Exchanges, a structured questionnaire was prepared after taking into consideration various aspects of Board's functioning, composition of Board and Committees, culture, execution and performance of specific duties, obligations and governance.

The performance of evaluation of Independent Directors was completed. The performance evaluation of the Chairman and the Non- Independent Directors was carried out by the Independent Directors. The Board of Directors expressed their satisfaction

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 and the rules made thereunder are given in the notes to the Financial Statement

RELATED PARTY TRANSACTIONS

All related party transactions that were entered during the financial year were in the ordinary course of business and were on arm's length basis. There were no materially significant related party transactions entered by the Company with the Promoters, Director, Key Managerial Personnel or other persons which may have a potential conflict with the interest of the Company. All the related party transactions are placed before the Audit Committee as also to the Board for approval.

Since all the related party transactions entered into by the company were in ordinary course of business and were on an arm's length basis, Form AOC-2 is not applicable to the Company.

None of the Directors has any pecuniary relationship or transactions vis-a-vis the Company.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company are prepared in accordance with the relevant Accounting Standards viz; AS-21, AS-23 and AS-27 issued by the Institute of Chartered Accountants of India and form a part of this Annual Report.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY

Garnet's internal control systems and procedures are adequately commensurate with the magnitude of its current business. The operating and business control procedures have been planned and implemented in a manner that ensures efficient use of resources, as well as compliance with procedures and regulatory requirements. The internal control system is being further strengthened by laying out well-documented guidelines, approval and authorization procedures.

AUDITORS

a) Statutory Auditors

M/s. MVK Associates, Chartered Accountants (Firm Registration No: 120222W), the Statutory Auditors of the Company will retire at the conclusion of the forthcoming Annual General Meeting (AGM). The Company has obtained written consent from the Auditors and confirmation to the effect that they are not disqualified to be re- appointed as the Auditors of the Company in terms of the provisions of the Companies Act, 2013 and rules made thereunder and that the appointment, if made, would be in conformity with the limits specified in the said Section

Accordingly the Board of Directors have recommended the re-appointment of M/s. MVK Associates, Chartered Accountants to audit the accounts of the Company for the financial year 2015-16 on the remuneration to be decided by the Board in consultation with the Auditors, subject to approval of shareholders in the ensuing AGM of the Company.

b) Secretarial Auditors and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has appointed Mr. Kamlesh Jain, Practising Company Secretary, Mumbai (C.P. No. 14577) to conduct the Secretarial Audit of the Company for the Financial Year 2014-15. The Secretarial Audit Report for the Financial Year 2014-15 is annexed to this report as Annexure- 2

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no significant and material orders passed by the regulators or courts or tribunals, which would impact the going concern status and the Company's operations in future.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of Annual Return in Form MGT-9 as required under Section 92 of Companies Act, 2013 forms an integral part of this Report as Annexure - 3

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 of Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is not given as none of the employees of the Company is covered under the provisions of the said section.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:

(a) that in preparation of Annual Accounts for the year ended 31st March, 2015, the applicable accounting standards has been followed along with proper explanation relating to material departures, if any;

(b) that such accounting policies have been selected and applied consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the statement of affairs of the company as at 31st March, 2015 and of the profit of the Company for the year ended on that date;

(c) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) that the annual accounts have been prepared on a going on concern basis;

(e) that the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls were operating effectively;

(f) That the Directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

STATUTORY DISCLOSURES

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 134(3) (m) of the Companies Act, 2013 read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is as follows:

A. Conservation of Energy, Technology Absorption

As per the provisions of Section 134(1) (m) read with Rule 8(3) of the Companies (Accounts) Rules, 2014 considering the Company's business activities, the Directors have nothing to state in connection with Conservation of Energy and Technology Absorption therefore the said provisions are not applicable to the Company.

B. Foreign Exchange Earnings and Outgo

During the year under review, the Company did not have any Foreign Exchange Earnings or Outgo.

C. Business Responsibility Reporting

The Business Responsibility Reporting as required pursuant to Clause 55 of the Listing Agreement with Stock Exchanges is not applicable to your Company for the financial year ended 31st March, 2015.

ACKNOWLEDGEMENT

Your Directors take this opportunity to express deep and sincere gratitude to all the stakeholders of the Company for their confidence and patronage.

Your Directors wish to place on record their appreciation, for the support and contribution made by the employees at all levels and also wish to thank all its customers, dealers, agents, suppliers, investors and bankers for their continued support and faith reposed in the Company.

For and on behalf of the Board

Place: Mumbai Suresh Gaggar Ramakant Gaggar Date: 30th May 2015 Director Director DIN No. 00599561 DIN No. 01019838




Mar 31, 2014

Dear Members,

The Directors of Garnet International Limited take pleasure in presenting the Annual Report on the operations of the company, together with the audited accounts for the year ended March 31, 2014.

Financial Results

Amount in Rs

Particulars Year ended Year ended 31st March 2014 31st March 2013

Total Income 6588610 25618410

Profit/(Loss) before Depreciation and Tax 1137418 1512409

Less: Depreciation 573297 572916

Prpfit/(Loss) before Tax 564121 939492

Less: Provision for Tax 308637 274994

Net Prgfit/(Loss) after Tax 255484 664498

Year under review

During the year under review, your Company registered a total income of Rs. 6588610 as against Rs.25618410 in the previous year. Profit before depreciation and tax stood at Rs. 1137418 as against Profit of Rs. 1512409 in the previous year Your company reported net profit of Rs. 255484.

Dividend

Your Directors does not recommend any dividend for the financial year ended on 31st March, 2014.

Management''s Discussion and Analysis Report

Managements Discussion and Analysis Report for the year under review, which also deals with the opportunities, challenges and the future outlook for the Company as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange in India is presented in a separate section forming part of the Annual Report.

Responsibility Statement

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:

* The applicable standards have been followed in the preparation of the annual accounts.

* The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2014 and the profit of the company for the year ended on that date.

* The Directors have taken appropriate and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

* The Directors have prepared the attached Statement of Accounts for the year ended March 31, 2014 on a going concern basis.

Subsidiary Company

Your Company has a subsidiary company namely Sukartik Clothing Private Limited with a stake of 60.13%. The Balance Sheet, Statement of Profit and Loss and other statements of the Subsidiary Company are not being attached with the Annual Report of the Company. The Company will make available the Annual Accounts of the Subsidiary Company and the related detailed information to any member of the Company who may be interested in obtaining the same. The Annual Accounts of the Subsidiary Company will also be kept open for inspection at the Registered Office of the Company .The consolidated Financial Statements presented by the Company include the financial results of its Subsidiary.

Corporate Governance

Your Company is commited to maintain the highest standards of Corporate Governance.Your Directors adhere to the requirements set out by the Securities and Exchange Board of India, Corporate Governance practice and have implemented all the prescribed stipulations.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Ramakant Gaggar and Mr. Sharad Rathi, Directors of the Company, shall retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment. The Board of Directors recommends their re-appointment.

Fixed Deposits

During the year under review, the company had neither accepted nor renewed any deposit from public within the meaning of Section 58 A of the Companies Act, 1956.

Auditors

The Board recommends appointment of M/S MVK Associates, Chartered Accountant as Statutory Auditors of the Company for the financial year 2014-15, who have also confirmed that their appointment shall be within limits specified under section 224 (1B) of the Companies Act, 1956.

Comments on Auditors'' Report

The company is in the process of taking remedial measures on the observations made by the Auditors in their Report.

Conservation of Energy, Research & Development,r Technology absorption, Foreign exchange Earnings and Outgo:

(A) Conservation of Energy and Technology Absorption

Considering the Company''s business activities, the Directors have nothing to state in connection with Conservation of Energy and Technology Absorption.

(B) Foreign Exchange Earninos And Outgo

During the year under review, the Company did not have any Foreign Exchange Earnings or Outgo.

Particulars as per section 217(2A) of Companies Act, 1956

Statement containing particulars of employees as required under Section 217(2A) of the Companies Act, 1956, is not given as none of the employees of the Company is covered under the provisions of the said section.

Acknowledgements

The Directors greatly value the support and co-operation received during the year from the Financial Institution, the Company''s Bankers, Statutory Authorities and all organizations connected with its business. The Directors also take pleasure in commending the valuable contributions made by the Company''s employees at all levels during the year under review.

For and on behalf of the Board

Place: Mumbai Suresh Gaggar Ramakant Gaggar Date: 2nd September 2014 Director Director DIN No. 00599561 DIN No. 01019838


Mar 31, 2013

The Members

The Directors of Garnet International Limited take pleasure in presenting the Annual Report on the operations of the company, together with the audited accounts for the year ended March 31, 2013.

Financial Results

Amount in Rs.

Particulars Year ended Year ended 31st March 2013 31st March 2012

Total Income 25618409.92 257653792.11

Profit/(Loss) before Depreciation and Tax 1512408.54 7032305.46

Less: Depreciation 572916.17 572154.31

Profit/(Loss) before Tax 939492.37 6460151.15

Less: Provision for Tax 274994.00 160864.00

Net Profit /(Loss) after Tax 664498.37 6299287.15

Year under review

During the year under review, your Company registered a total income off 25618409.92 as against Rs. 257653792.11 in the previous year. Profit before depreciation and tax stood at Rs. 1512408.54 as against Profit of Rs. 7032305.46 in the previous year. Your company reported net profit of Rs. 664498.37.

Dividend

Your Directors does not recommend any dividend for the financial year ended on 31st March, 2013.

Management''s Discussion and Analysis Report

Management''s Discussion and Analysis Report for the year under review, which also deals with the opportunities, challenges and the future outlook for the Company as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange in India is presented in a separate section forming part of the Annual Report.

Responsibility Statement

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:

- the applicable standards have been followed in the preparation of the annual accounts.

Rs. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2013 and the profit of the company for the year ended on that date.

* the Directors have taken appropriate and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

- the Directors have prepared the attached Statement of Accounts for the year ended March 31, 2013 on a going concern basis.

Subsidiary Company

Your Company has a subsidiary company namely Sukartik Clothing Private Limited with a stake of 50.21%. The Balance Sheet, Statement of Profit and Loss and other statements of the Subsidiary Company are not being attached with the Annual Report of the Company. The Company will make available the Annual Accounts of the Subsidiary Company and the related detailed information to any member of the Company who may be interested in obtaining the same. The Annual Accounts of the Subsidiary Company will also be kept open for inspection at the Registered Office of the Company The consolidated Financial Statements presented by the Company include the financial results of its Subsidiary.

Corporate Governance

Your Company is commited to maintain the highest standards of Corporate Governance.Your Directors adhere to the requirements set out by the Securities and Exchange Board of India, Corporate Governance practice and have implemented all the prescribed stipulations.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Ramakant Gaggarand Mr. Sharad Rathi, Directors of the Company, shall retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment. The Board of Directors recommends their re-appointment.

Fixed Deposits

During the year under review, the company had neither accepted nor renewed any deposit from public within the meaning of Section 58 A of the Companies Act, 1956.

Auditors

M/s. R.5. Agrawal & Associates, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting. They have expressed their desire not to seek re-appointment. The Directors wish to put on record their appreciation for the services rendered by them.

The Company has received a notice from a member proposing the appointment of M/s. MVK Associates, Chartered Accountants as Statutory Auditors of the Company to hold office from conclusion of the ensuing Annual General Meeting till the conclusion of next Annual General Meeting. They have confirmed their eligibility and have given their consent for the proposed appointment. Members are requested to appoint Auditors at the ensuing Annual General Meeting.

Comments on Auditors'' Report

The company is in the process of taking remedial measures on the observations made by the Auditors in their Report.

Conservation of Energy, Research & Development, Technology absorption. Foreign exchange Earnings and Outgo:

(A) Conservation of Energy and Technology Absorption

Considering the Company''s business activities, the Directors have nothing to state in connection with Conservation of Energy and Technology Absorption.

(B) Foreign Exchange Earnings And Outgo

During the year under review, the Company did not have any Foreign Exchange Earnings or Outgo.

Particulars as per section 217(2A) of Companies Act, 1956

Statement containing particulars of employees as required under Section 217(2A) of the Companies Act, 1956, is not given as none of the employees of the Company is covered under the provisions of the said section.

Acknowledgements

The Directors greatly value the support and co-operation received during the year from the Financial Institution, the Company''s Bankers, Statutory Authorities and all organizations connected with its business. The Directors also take pleasure in commending the valuable contributions made by the Company''s employees at all levels during the year under review.



For and on behalf of the Board



Place: Mumbai Suresh Gaggar Ramakant Gaggar

Date: 27th May 2013 Director Director


Mar 31, 2010

The Directors of Garnet International Limited take pleasure in presenting the Annual Report on the operations of the company, together with the audited accounts for the year ended March 31, 2010.

Financial Results

Rs. in Lacs

Particulars Year ended Year ended

31st March 2010 31st March 2009

Total Income 2410.55 27434.46

Profit/(Loss) before Depreciation and Tax 476.81 19.43

Less: Depreciation 1.95 1.26

Profit/YLoss) before Tax 474.87 18.17

Less: Provision for Tax 61.86 10.72

Net Profit/(Loss) after Tax 413.01 7.45

Year and Period under review

During the period under review, your Company registered a total income of Rs.2410.55 lacs as against Rs.27434.46 lacs in the previous year. Profit before depreciation and tax stood at Rs.476.81 lacs as against Profit of Rs.19.43 lacs in the previous year. Your company reported net profit of Rs.413.01 lacs.

Dividend

Your Directors have recommended a dividend of Re. 1.00 per equity share for the financial year ended on 31st March, 2010.

Managements Discussion and Analysis Report

Managements Discussion and Analysis Report for the year under review, which also deals with the opportunities, challenges and the future outlook for the Company as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange in India, is presented in a separate section forming part of the Annual Report.

Responsibility Statement

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:

- The applicable standards have been followed in the preparation of the annual accounts.

- The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2010 and the profit of the company for the year ended on that date.

- The Directors have taken appropriate and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

- The Directors have prepared the attached Statement of Accounts for the year ended March 31, 2010 on a going concern basis.

Corporate Governance

Your Company is committed to maintain the highest standards of Corporate Governance. Your Directors adhere to the requirements set out by the Securities and Exchange Board of India, Corporate Governance practice and have implemented all the prescribed stipulations.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Ramakant Gaggar and Mr. Dinesh Nandwana, Directors of the Company, shall retire by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment. The Board of Directors recommends their re-appointment.

Mr. Sharad Rathi who was appointed as an Additional Director of the Company as on 21.07.2010 pursuant to the provisions of Section 260 of the Companies Act, 1956 would vacate his office on the date of ensuing Annual General Meeting of the Company. The Company has received Notice under Section 257 of the said act from a shareholder proposing the candidature of the aforesaid person as a Director of the Company. Accordingly, resolution has been proposed in the Notice of the forthcoming Annual General Meeting of the Company for the appointment of the aforesaid person as a Director of the Company.

Mr. Pankaj Goel had tendered resignation due to his other pre-occupations. Your Directors place on record their deep appreciation for the valuable contribution made by the outgoing Director during his association with the Company.

Fixed Deposits

During the year under review, the company had neither accepted nor renewed any deposit from public within the meaning of Section 58 A of the Companies Act, 1956.

Auditors

M/s. R.S. Agrawal & Associates, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The retiring Auditors have furnished a certificate of their eligibility for re-appointment under Section 224(1B) of the Companies Act, 1956 and have indicated their willingness to continue in the said office.

Auditors Comments

The company is in the process of taking remedial measures on the observations made by the Auditors in their Report.

Conservation of Energy, Research & Development, Technology absorption, Foreign exchange Earnings and Outgo:

(A) Conservation of Energy and Technology Absorption

Considering the Companys business activities, the Directors have nothing to state in connection with Conservation of Energy and Technology Absorption.

(B) Foreign Exchange Earnings And Outgo

During the year under review, the Company did not have any Foreign Exchange Earnings or Outgo.

Particulars as per section 217(2A) of Companies Act, 1956

Statement containing particulars of employees as required under Section 217(2A) of the Companies Act, 1956, is not given as none of the employees of the Company is covered under the provisions of the said section.

Acknowledgements

The Directors greatly value the support and co-operation received during the year from the Financial Institution, the Companys Bankers, Statutory Authorities and all organizations connected with its business. The Directors also take pleasure in commending the valuable contributions made by the Companys employees at all levels during the year under review.

For and on behalf of the Board

Place: Mumbai Suresh Gaggar Ramakant Gaggar

Date: 3rd August, 2010 Director Director



 
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